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Eglet Prince Has Filed A Second Stockholder Derivative Complaint In Las Vegas Against Steve Wynn And Wynn Resorts Board Of Directors

Investment Weekly News

By a News Reporter-Staff News Editor at Investment Weekly News -- A second lawsuit has been filed in District Court Clark County, Nevada by Las Vegas firm Eglet Prince and Grant & Eisenhofer of Wilmington, Delaware, derivatively on behalf of Wynn Resorts Limited. Plaintiff, Operating Engineers Construction Industry and Miscellaneous Pension Fund is a long time institutional shareholder of the Company and was a stockholder during the misconduct alleged in the complaint. Operating Engineers Construction Industry and Miscellaneous Pension Fund is an employee retirement plan located in Pennsylvania and owns a significant number of shares.

The shareholders allege in the complaint, that Mr. Wynn, for decades, preyed on female employees at his company, Wynn Resorts Ltd. ("Wynn Resorts"), seeking sexual gratifications from women who were dependent upon him for their livelihoods. His unwaveringly loyal Board of Directors ("Board") turned a blind eye to reports of sexual harassment and coercion. When he finally resigned after the Wall Street Journal recounted the repellent details of his reign, the Board only reluctantly accepted the resignation, choosing to praise their "friend" rather condemn his exploitations.

The complaint also alleges that Mr. Wynn had certain fiduciary duties - care, loyalty, and the good faith under Nevada Law. It also claims that Mr. Wynn's fiduciary duties was well known to the Directors Defendants and that Mr. Wynn breached his fiduciary duty to the company. Each of the Director Defendants aided and abetted Mr. Wynn's fiduciary duty. The Director Defendants knowingly failed to act to investigate or arrest Mr. Wynn's frequent egregious behavior, despite being on notice of it.

A full copy of the complaint filed by Las Vegas Attorneys Robert T. Eglet of Eglet Prince, is available upon request at: [email protected]. Request for copies can also be made to Michael J. Barry, Esq., of Grant & Eisenhofer at: [email protected].